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30Y FIXED6.85%↑ 0.02·15Y FIXED6.12%↓ 0.01·REFI 30Y6.78%↑ 0.01·HELOC9.20%0.00·JUMBO 30Y7.05%↑ 0.03·HYSA TOP4.85%↓ 0.05·12M CD5.10%0.00·24M CD4.85%↓ 0.02·5Y CD4.40%↑ 0.01·MMA TOP4.65%0.00·AUTO 60M NEW7.10%↓ 0.02·AUTO 60M USED8.45%↑ 0.04·PERSONAL EXC.8.20%0.00·10Y TREASURY4.32%↑ 0.01·30Y FIXED6.85%↑ 0.02·15Y FIXED6.12%↓ 0.01·REFI 30Y6.78%↑ 0.01·HELOC9.20%0.00·JUMBO 30Y7.05%↑ 0.03·HYSA TOP4.85%↓ 0.05·12M CD5.10%0.00·24M CD4.85%↓ 0.02·5Y CD4.40%↑ 0.01·MMA TOP4.65%0.00·AUTO 60M NEW7.10%↓ 0.02·AUTO 60M USED8.45%↑ 0.04·PERSONAL EXC.8.20%0.00·10Y TREASURY4.32%↑ 0.01·
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Private student loan review

Discover Student Loans Review (2026)

Discover earned 4.1 / 5 in our 2026 review. APRs run 5.99% to 14.99% on 10 to 20 years terms, with loan amounts $1,000 to $150,000. Best as a gap filler after federal aid for students who need more funding.

By the Fintiex Loan Desk · Updated 2026-05-02
Check rates at Discover Compare student lenders
TL;DR stats
APR range
5.99% to 14.99%
Loan amount
$1,000 to $150,000
Term range
10 to 20 years
Origination fee
None
Loan type
Private
Min credit score
620
Cosigner release
N/A
Forbearance
Available
Pros
  • +No late fees ever
  • +No origination fees or prepayment penalties
  • +Cash reward for 3.0 GPA or higher
  • +0.25% autopay interest rate reduction
  • +U.S.-based customer service 24/7
  • +Covers 100% of school-certified costs
Cons
  • -No cosigner release option available
  • -Only 2 in-school repayment options
  • -Higher minimum APR than some competitors

Rates and fees

APR range
5.99% to 14.99%
APR type
Fixed and variable
Origination fee
None
Late fee
No late fees
Prepayment penalty
None
Loan amount range
$1,000 to $150,000
Repayment terms
10 to 20 years
Forbearance
Available
Minimum FICO
620

Variable APRs typically start lower than fixed but can rise over the life of the loan. The Federal Reserve recommends fixed rates for repayment plans longer than 5 years.

In-school payment options

deferredinterest-only

Deferring all payments costs the most in lifetime interest because interest accrues and capitalizes when you graduate. Interest-only payments cost less. A fixed $25 monthly payment is the cheapest in-school option that still keeps the balance from growing.

Who it is for

Discover fits students who have maxed out federal aid and need $1,000 to $150,000 in additional borrowing. Best for applicants with FICO 620+ (or a cosigner with that profile), enrolled at least half-time at a Title IV school. Not a fit if you have not first applied for federal Direct Subsidized and Unsubsidized loans through FAFSA.

How to apply for a Discover loan

Applying takes about 15 minutes online. You will need your school name and enrollment status, Social Security number, government ID, and cosigner info (if you have one). The U.S. Department of Education recommends submitting FAFSA first to confirm what federal aid you can get before borrowing privately.

  1. 1.Submit FAFSA at studentaid.gov to confirm federal aid eligibility before borrowing privately.
  2. 2.Prequalify on the Discover site (soft pull) to see estimated APR with and without a cosigner.
  3. 3.Compare against 2 or 3 other private lenders. The CFPB confirms a 14- to 45-day shopping window adds no extra credit damage.
  4. 4.Submit the formal application with cosigner info if needed. Triggers a hard inquiry on both you and the cosigner.
  5. 5.School certification happens next; the lender confirms enrollment and cost. Funds disburse directly to your school.
Start a Discover application

Frequently asked questions

Is the Discover private student loan a good choice?
Discover earned 4.1 out of 5 in our 2026 review. APRs run 5.99% to 14.99% on 10 to 20 years terms with no origination fee. The product fits students who need to fill a gap after federal aid.
What credit score do I need for a Discover loan?
Discover requires a minimum FICO of 620. The lowest advertised rate typically goes to applicants with 680+ FICO, stable income, and a creditworthy cosigner. The CFPB recommends prequalifying with a soft pull before any formal application.
Do I need a cosigner for a Discover loan?
Most undergraduates do. Discover does not technically require a cosigner. Without a cosigner, you need strong personal credit and income to qualify for the best rate. Adding a creditworthy cosigner often cuts the APR by several percentage points.
Does Discover charge fees on a private student loan?
Discover charges no origination fee and no application fee, and no prepayment penalty. Late fees: no late fees. The Federal Reserve recommends comparing APR rather than the headline interest rate, because APR rolls in origination.
What loan amounts and terms does Discover offer?
Discover private student loans range from $1,000 to $150,000. Repayment terms are 10 to 20 years. Choose the shortest term you can afford to minimize lifetime interest.
Does Discover offer forbearance or hardship pause?
Yes. Discover offers forbearance during financial hardship. Forbearance pauses payments but interest typically continues to accrue. The CFPB warns that forbearance should be a last resort because unpaid interest can capitalize and increase your total balance.
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Soft-pull prequalification takes about 5 minutes. No credit impact to look.

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